USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.46% against the JPY and closed at 101.86.
In economic news, Japan’s flash machine tool orders declined 8.4% YoY in August, after registering a 19.7% decline in the previous month.
In the Asian session, at GMT0300, the pair is trading at 101.69, with the USD trading 0.17% lower against the JPY from yesterday’s close.
Overnight data showed that Japan’s BSI large manufacturing index rebounded to a level of 2.9 QoQ in 3Q 2016, signalling that the nation’s economy is gaining momentum. The index had registered a reading of -11.1 in the previous quarter.
The pair is expected to find support at 101.19, and a fall through could take it to the next support level of 100.70. The pair is expected to find its first resistance at 102.39, and a rise through could take it to the next resistance level of 103.10.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
